Société Générale (SG), the major French multinational financial services company that entered Ghana in 2003 after acquiring the operations of Social Security Bank (SSB), has agreed to sell its Ghana operations to the Moroccan Pan-African bank Attijariwafa, a release said late Wednesday.
By the agreement signed with the Moroccan financial institution, SG will divest the entire 60.22 percent of the shares it holds in the Ghana operations, the release said.
Based on the commitments made, Attijariwafa Bank will acquire a 55.22 percent stake, while the Social Security and National Insurance Trust (SSNIT), the original owners of SSB, which was the vehicle SG used to enter Ghana, will acquire a further 5.0 percent stake.
“The divestment project, according to the release, awaits the fulfillment of the usual conditions precedent and the validation by relevant financial and regulatory authorities in Ghana,” the release added.
In its latest assessment, the Bank of Ghana said last Thursday, Sept. 24, that Ghana’s banking sector remained solvent, profitable, and liquid, alongside improving asset quality.
“In August 2026, total assets of the sector increased by 20.5 percent year on year, to 500.2 billion Ghana cedis, supported by robust deposit mobilization and growth in other funding sources,” Central Bank Governor Johnson Asiama said during the bank’s press briefing on monetary policy.
Asiama added that the Capital Adequacy Ratio of the banking system had also improved further to 19.1 percent in August 2026 from 18.3 percent in August 2025.